Dry Powder: The Private Equity Podcast

Explore the strategic success factors of top-performing GPs in the private equity industry, navigating industry volatility, evolution and complexity of private equity, power of diversity in team building and decision making, and board diversity for performance.

A pioneering investor discusses the history and future of private equity, challenges the industry's conventions, and predicts the growth of the industry. They explore the complexities, debunk predictions of decline, and highlight the importance of human capital in driving industry growth.

The podcast discusses the liquidity crisis in secondaries markets and how it could be an opportunity. It explores the surge of interest in the NASDAQ private market due to challenging fundraising environment and significant discounts in secondary markets. It also delves into the obstacles to liquidity in private markets including valuation issues and contractual terms. The lack of transaction data and benchmarks in private markets is discussed along with the potential for future liquidity and regulatory adaptation.

Nigel Dawn, senior managing director at Evercore, discusses the growth and development of the secondaries market over a 20-year period, exploring tools and strategies such as securitizing LP interests, selling notes in the bond market, and utilizing NAV loans. They also highlight the benefits of GPs retaining their investments, the use of continuation vehicles, and the potential growth and constraints of the secondary market in private equity.

Greg Callahan and Monica Oliver, experts in commercial excellence at Bain, dive into the rapidly transforming world of investor relations. They discuss the critical need for firms to modernize their IR practices to gain a competitive edge in a saturated fundraising market. Key topics include understanding evolving investor dynamics, effective account planning for building lasting relationships, and the impact of technology and diverse talent in revolutionizing IR strategies. Their insights offer practical approaches for long-term success in the asset management landscape.

Exploring the impact of a deflationary environment on stakeholders. Inconsistency between consumer sentiment and economic data. Germany's technical recession and challenges for fiscal stimulus. Thematic investing and the upside of automation for labor enhancement.

Ashby Monk, executive director of the Stanford Research Initiative on Long Term Investing, talks about optimizing investments for pension funds, sovereign wealth funds, and foundations. He explores the challenges faced by investors in the private equity industry and discusses the importance of understanding the asset allocation and implementation approach of pension funds. Monk also emphasizes the criteria that limited partners consider when evaluating general partners.

Vista Equity Partners' CEO discusses the impact of generative AI and the three waves of AI, as well as leveraging AI in portfolio companies. The potential benefits of AI in investment, collaboration, and customer upselling are explored. The importance of an engineering background in driving productivity and efficiency in enterprise software is highlighted. Scaling assets under management to over $100 billion and building a strong corporate infrastructure are discussed. Investing in talented people and understanding new technologies are emphasized for maintaining success and growth in the enterprise software space.

Robert F. Smith, CEO of Vista, discusses defying the down market with 18 successful monetization events, strategies for running software companies profitably, challenges in finding exit opportunities in private equity, impressive performance and financing challenges, and the advantages of private credit in the current market.

In part two of our fund-raising series, we’ll dig into the tools, tactics, and technologies that enable general partners to tailor their pitches to key decision makers within institutions.